TSE/JPX Holidays 2026 and 2027: Full Trading Calendar

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group (JPX), trades on weekdays from 9:00 am to 11:30 am and again from 12:30 pm to 3:30 pm Japan Standard Time (JST), with a one-hour lunch break in between. That is roughly 8:00 pm to 2:30 am Eastern Time and 1:00 am to 7:30 am in London while North America and Europe are on summer time. The next closure is Monday, September 21, 2026, Respect for the Aged Day, the first of three consecutive Japanese national holidays that keep Tokyo shut until Thursday, September 24, 2026. The authoritative list is the JPX exchange calendar, and the tables below set out every closure for 2026 and 2027.

Japan does not observe daylight saving time, so the gap between Tokyo and other financial centres shifts twice a year when clocks change in New York and London. JPX closures follow Japan’s national holiday law rather than exchange discretion, with one addition: the market also shuts for the year-end and New Year break from December 31 to January 3. Because several Japanese holidays fall on a Monday by law, and because a weekday sandwiched between two holidays becomes a Citizens’ Holiday, Tokyo produces long breaks that no other major market shares.

Tokyo Stock Exchange holidays 2026

The September cluster is the one to diary. With the weekend of September 19 and 20 running into three holidays, Tokyo cash equities are closed for five calendar days in a row, from Saturday, September 19 to Wednesday, September 23, 2026, and reopen on Thursday, September 24. In Japan this run is known informally as Silver Week. The last trading day of 2026 is Wednesday, December 30, 2026, because December 31 is a market holiday.

Tokyo Stock Exchange holidays 2027

Two points stand out in 2027. The first trading day of the year is Monday, January 4, 2027, because January 2 and 3 fall at the weekend. Golden Week, Japan’s spring holiday season, closes the market on Thursday, April 29 and then again on Monday, May 3, Tuesday, May 4 and Wednesday, May 5, so trading resumes on Thursday, May 6, 2027. Friday, April 30, 2027 is a normal full session, which often makes it a thin, position-squaring day before the break.

Early closes and half days

JPX does not schedule early closes or half days. Every date in the tables above is a full closure, and there are no shortened sessions in 2026 or 2027. This is a real difference from New York, where the NYSE and Nasdaq close at 1:00 pm ET on days such as Christmas Eve and the day after Thanksgiving, and from London, where the London Stock Exchange closes at 12:30 pm on similar dates.

Tokyo’s first and last trading days of the year are also full sessions. Wednesday, December 30, 2026 and Monday, January 4, 2027 run the standard morning and afternoon sessions, even though both days carry ceremonial weight in Japan, where the opening of the trading year is marked with a formal ceremony at the exchange.

The one built-in pause is the lunch break from 11:30 am to 12:30 pm JST. Trading stops entirely, order books are held, and the afternoon session opens with a fresh auction. Newcomers to Japanese equities sometimes read the flat hour on a chart as a data error.

Trading hours on the Tokyo Stock Exchange

Since November 5, 2024, when JPX launched its arrowhead 4.0 trading system, the afternoon session has ended at 3:30 pm JST rather than 3:00 pm, and the official closing price is now set by a closing auction at the end of that session rather than by the last trade. Orders are accepted from 8:00 am for the morning session and from 12:05 pm for the afternoon session, according to JPX’s trading rules for domestic stocks.

In the northern winter, when New York is on Eastern Standard Time and London is on Greenwich Mean Time, subtract one hour from the New York and London columns: the Tokyo close then lands at 1:30 am ET and 6:30 am in London. Japan itself never changes its clocks.

There is no retail pre-market or after-hours session in the American sense. JPX operates off-auction facilities, known as ToSTNeT, that institutions use for block trades and closing-price trades, and those facilities follow exactly the same holiday calendar as the main market. If you want exposure to Japanese shares outside Tokyo hours, the practical routes are index futures, exchange-traded funds listed in London or New York, and depositary receipts.

How holidays affect settlement, dividends and options

Japanese cash equities settle on a T+2 basis, meaning two business days after the trade, a cycle introduced on July 16, 2019 by the Tokyo Stock Exchange, Japan Securities Clearing Corporation and the Japan Securities Dealers Association. Holidays are skipped when counting those business days, so a long closure pushes money and shares later in the month. A trade executed on Friday, September 18, 2026 settles on Friday, September 25, 2026, because September 21, 22 and 23 are not business days in Japan.

That matters in three practical ways.

• Dividends and shareholder registers. Japanese companies overwhelmingly use March 31 and September 30 record dates. Under T+2, the last day to buy shares and still be on the register is two business days before the record date, so a cluster of holidays moves that cut-off earlier than the calendar suggests. Check the exact date with the company or your broker rather than counting back from month end.
• Derivatives expiry. Nikkei 225 and TOPIX options and futures settle against a Special Quotation, or SQ, price calculated on the second Friday of the delivery month. When that day is a Japanese holiday, the calculation moves to the preceding business day, and the final trading day moves with it. No second Friday falls on a holiday in the 2026 or 2027 lists above.
• Cash, margin and currency. Japanese banks and the Bank of Japan’s payment system are closed on national holidays, so yen payments, margin calls and foreign exchange settlement do not complete. Spot yen keeps trading in London and New York, but the value date rolls forward to the next Japanese business day.

Fund investors see a quieter version of the same effect. A fund or exchange-traded fund holding Japanese shares cannot mark its portfolio to a fresh price while Tokyo is closed, so its published net asset value repeats the previous close, and any catch-up appears on the reopening day.

Other markets

The Japanese government bond market runs on the same business day calendar as the banking system, so cash JGBs, repo and the short-term money market are all shut on the dates above. Japanese economic data releases, including the consumer price index, are not scheduled on national holidays either, and Bank of Japan policy meetings never fall on them.

Derivatives are the exception that catches people out. Osaka Exchange, JPX’s derivatives arm, runs a day session plus a night session that begins at 4:30 pm JST and continues into the early hours. JPX defines a trading day as running from the start of the night session to the end of the following business day’s day session, which means there is no night session on the evening before a market holiday. Nikkei 225 futures listed abroad, on CME in Chicago and in Singapore, do keep trading, and they are the usual place to look for a price signal on Japan when Tokyo itself is closed. Cryptocurrency markets trade continuously and ignore the calendar entirely, though yen-denominated volumes thin out.

Alignment with other exchanges is limited to New Year’s Day. Japan does not observe Christmas or Easter as public holidays, so the TSE is open on Friday, December 25, 2026 and on Good Friday, March 26, 2027, when the NYSE, the London Stock Exchange and Euronext are shut. The reverse is also true: New York and London trade normally through Golden Week and Silver Week. If you follow global data as well as Japanese shares, the calendars to keep alongside this one are the US CPI report and the US jobs report, both of which regularly set the tone for the Tokyo open.

What It Means for Your Money

Pensions and funds. Most diversified pension pots and global index funds hold Japanese shares, so a Tokyo closure freezes part of your portfolio’s valuation for a day or three. Nothing is lost, but the price you see is stale, and a fund switch or sale placed during a Japanese holiday will be valued using the next available Tokyo close.

Buying and selling Japanese shares. Orders can normally be entered with your broker while Tokyo is shut, but they simply queue. Stop-loss and limit orders will not trigger, so a large move in US or European markets can show up as a sharp gap when Tokyo reopens. If you are travelling or unable to monitor positions, size them accordingly before a three-day closure.

Japan ETFs in London and New York. These keep trading while Tokyo sleeps. Because the underlying shares are not being priced, spreads widen and the ETF price can drift from the last published net asset value. Using limit orders rather than market orders is the simple defence.

The yen, the pound, the dollar and the euro. Foreign exchange never closes, but Japanese holidays remove Tokyo’s banks and corporate flows from the market. Liquidity is thinner, which can exaggerate moves in the yen and in yen-funded carry trades, positions that borrow cheaply in yen to buy higher-yielding assets elsewhere. For households, the practical effect shows up in travel money rates and in international transfers to Japanese bank accounts, which will not credit until the next Japanese business day.

Mortgages and savings. Japanese holidays do not move UK, euro area or US borrowing costs. What does matter is that Japan is one of the world’s largest creditor nations, and Japanese institutions are significant buyers of US Treasuries, gilts and European bonds. Shifts in Japanese yields feed into global bond markets, which in turn influence fixed-rate mortgage pricing and savings rates. A single closed day changes nothing; the direction of Bank of Japan policy over months does.

Frequently Asked Questions

Is the Tokyo Stock Exchange open today?

The TSE trades Monday to Friday unless the date appears in the tables above. Its next closure is Monday, September 21, 2026 for Respect for the Aged Day, followed by Tuesday, September 22 and Wednesday, September 23, 2026.

What time does the Tokyo Stock Exchange close?

The afternoon session ends at 3:30 pm JST, which is 2:30 am Eastern Time and 7:30 am in London during the northern summer, or 1:30 am ET and 6:30 am in London in winter. The closing price is set by a closing auction at the end of the session.

Is the Japanese bond market open on TSE holidays?

No. Japanese government bond trading, repo and money markets follow the same banking calendar as the exchange, and the Bank of Japan’s settlement system is closed, so yen payments do not settle on those days.

How many holidays does the Tokyo Stock Exchange have each year?

Japan has 16 national holidays, plus the exchange’s year-end and New Year break from December 31 to January 3, so the TSE typically loses more trading days than New York or London. The exact count varies because holidays falling at the weekend are not always replaced.

Where is the official TSE holiday calendar published?

Japan Exchange Group publishes the definitive list on its exchange calendar page, and trading hours are set out in its trading rules for domestic stocks.